The Australian sharemarket defied expectations and opened stronger on Tuesday, even after President Donald Trump announced a 25% tariff on all steel and aluminium imports into the US. All 11 industry sectors saw gains, with utilities and energy stocks benefiting from a rise in oil prices and gold miners rallying after bullion hit a record high.
The Australian sharemarket opened stronger on Tuesday, even after President Donald Trump ordered a 25 per cent tariff on all steel and aluminium imports into the US.
Local steelmakers advanced on the news, with Bluescope Steel up 1.4 per cent and Vulcan Steel climbing 3.2 per cent.Gold miners Northern Star, Newmont and Evolution Mining jumped 2.3 per cent, 2.9 per cent and 2.7 per cent, respectively, as gold rose to a new all-time high after Trump flagged the new tariffs on the weekend, adding to increasing uncertainty in global financial markets.
Kerry Stokes’ Seven West Media and its parent Seven Group Holdings surged 6.1 per cent and 6 per cent, respectively, after the media conglomerate said it saw the advertising market improving in the current quarter and expected “modest growth” in earnings for the June half from a year earlier, helped by the AFL and the federal election campaign. Its underlying profits were down 41 per cent at $37 million in the December half.
US metals producers that would benefit from steel and aluminium tariffs rallied. Nucor, US Steel and Steel Dynamics rose more than 4 per cent each. Cleveland-Cliffs jumped 18 per cent, Century Aluminum rallied 10 per cent and Alcoa rose about 2 per cent.
Finance AUSTRALIA SHAREMARKET TARIFFS STEEL ALUMINIUM DONALD TRUMP GOLD ENERGY UTILITIES
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